I never see any mention of Coverdale Education Savings accounts here... | TigerDroppings.com

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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9986 posts

I never see any mention of Coverdale Education Savings accounts here...



pretty powerful vehicle...anybody here use them or interested in discussing their merits ?


This post was edited on 11/7 at 4:26 pm



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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
56656 posts

re: I never see any mention of Coverdale Education Savings accounts here...


quote:

anybody here use them


Nope






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Chris4x4gill2
Alabama Fan
North Alabama
Member since Nov 2008
2019 posts

re: I never see any mention of Coverdale Education Savings accounts here...


I think they are great since you can pick your investments, but the 2k/year contribution limits are on the low side.





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Janky
LSU Fan
Team Primo
Member since Jun 2011
8329 posts

re: I never see any mention of Coverdale Education Savings accounts here...


The real advantage in my opinon is the ability to use the funds for high school.





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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9986 posts

re: I never see any mention of Coverdale Education Savings accounts here...


quote:

I think they are great since you can pick your investments, but the 2k/year contribution limits are on the low side.


2000/year @ 8% for 15 years is roughly 60k (no taxes) per kid...wouldn't that really help out a lot of you private school paying folks ?

Don't use it for high school and you could have over 80 grand towards college expenses...As long as the account was opened with the parents as owners it won't affect financial aid either.



This post was edited on 11/7 at 4:25 pm


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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9986 posts

re: I never see any mention of Coverdale Education Savings accounts here...


quote:

Nope


why not? ot rich ?






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NewBR
Member since Sep 2008
36 posts

re: I never see any mention of Coverdale Education Savings accounts here...


$2000 /year @ 8% is nice, but it's nicer with 6% state tax deduction and earnings enhancement in a 529 plan.

Figure out another way to pay for high school.







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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9986 posts

re: I never see any mention of Coverdale Education Savings accounts here...


You can do both





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makersmark1
Auburn Fan
Member since Oct 2011
1680 posts

re: I never see any mention of Coverdale Education Savings accounts here...


I have them with TD Ameritrade.

Only downside is the limits on contribution are fairly low.

529 plans are a little better, IMO.

We have both a coverdell and a 529 for both kids.



This post was edited on 11/9 at 6:44 am


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Zach
LSU Fan
Member since May 2005
64442 posts

re: I never see any mention of Coverdale Education Savings accounts here...


My son has a La. State plan for his 2 children. Started them when they were born. Don't know if that's the same thing as Coverdale.





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fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
6788 posts

re: I never see any mention of Coverdale Education Savings accounts here...


Have a coverdell and La Start saving acct for kids. Good points on each vehicle. Tax deduction and enhancement with Start but more investment choices with the coverdell.





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Sdento1
Member since Aug 2013
26 posts

re: I never see any mention of Coverdale Education Savings accounts here...


You can use Roth IRAs for your kids and take out the contributions penalty free for your kid- if they don't go to college you can use it as a hybrid for a retirement fund for them or you.
If you stick to a dedicated savings plan just use a college savings 529 plan- you can contribute more than 2k per year...just my thoughts--geaux tigers!






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